evening, everyone. i'm erin burnett. "outfront" tonight, not so fast, mitt. romney recognizes the great threat posed by america's $16 trillion debt, but what is he going to do about it? today, he made a big economic policy speech and was quick to note how devastating america's debt problem is. >> our national debt in liabilities threatened to crush our feature. our economy struggles under the weight of government and fails to create the essential growth and employment that we need. >> now, during monday's debate, he noted the immediate danger of debt, too. >> admiral mullen said that our debt is the biggest national security threat we face. >> but what would president mitt romney do to slash the debt? well, given everything we know now, his plan doesn't add up. we know three big things about romney's plan. one. he wants to cut tax rates and pay for it by closing loopholes. two. he wants to increase defense spending by about $2 trillion over ten years. and three, he says he'll balance the budget at the end of his second term. let's start with the tax cuts. >> i want to bring down rates.